Resuscitated EUR Keeps Ticking

It's difficult to find a pulse, but Capital Markets still has one, as they remain calm ahead of the monetary policy announcement from the FOMC later today. After a false start and an extended deadline, Greece has completed a successful bond buy-back, allowing their borrowing costs to ease significantly. In the end, Greece attracted offers exceeding the +EUR30b quota targeted needed to retire half of its private debt to creditors. However, the high price offered to secure the deal could result in Greece requiring more money than initially planned to meet its debt reduction targets. Tomorrow the Euro-finance ministers meet to decide if they should be signing off on Greece's next aid tranche. So far, the country has been capable of dotting all the 'I's.' Currency markets remain on an even keel ahead of the conclusion of the two-day FOMC meet. Overwhelming consensus expects board members to decide on new steps to ease monetary policy to replace the existing Operation...